Bitcoin’s rise above $30K increases traders’ interest in ETH, ARB, VET and STX.
Bitcoin (BTC) reached a new 52-week high on June 23, which suggests that the bulls are in control. Buyers have held onto most of the gains made during the week, indicating that they are not eager to book profits. Bitcoin has risen by 16% this week, outperforming the S&P 500 Index, which fell by 1.39%. Ether (ETH) is also showing signs of a bullish move. Glassnode data shows that Ether balances on exchanges have fallen sharply in the past 30 days, reaching a new low of 12.6%. A similar dip in Ether exchange balances occurred in November 2022, which was followed by a sharp rally of 33%. However, traders need to be cautious because the fall in exchange balances this time may have been triggered by the U.S. Securities and Exchange Commission’s actions against Binance and Coinbase. The crypto recovery is not limited to Bitcoin and Ether, as several altcoins have risen sharply from their respective lows, indicating solid buying at lower levels. This implies that the bearish sentiment may be waning. It remains to be seen whether the return of buyers will start a new bullish move in cryptocurrencies, or if higher levels will attract selling by the bears. The article then goes on to provide a technical analysis of the price of Bitcoin and Ether, with charts and key levels to watch.
On the four-hour chart, it can be seen that the price is currently range-bound between $1,936 and $1,861. The rising moving averages and the RSI in the positive zone suggest that the price is likely to increase if buyers push it above the range. If this happens, the pair could reach $2,000.
However, if the price falls below the $1,861 support, it will favor the bears in the short-term. The pair may then decline to the 50-SMA and later to $1,750.
Arbitrum price analysis
On June 19, Arbitrum (ARB) rose above the breakdown level of $1 and followed that up with a sharp rally on June 20, indicating rejection of the recent breakdown.
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The bears are trying to stall the recovery at the 50-day SMA ($1.12), but a positive sign is that the bulls have successfully defended the 20-day EMA ($1.07). This narrow-range trading is unlikely to continue for long, and a breakout may be expected soon.
A break and close above $1.18 could suggest the start of a new up-move. The ARB/USDT pair could first rise to $1.28 and, subsequently, to $1.54. This bullish view will be negated if the price turns down and plunges below the $1-to-$0.90 support zone.
The four-hour chart shows that the bulls are struggling to overcome the obstacle at $1.18. This indicates that bears are active at higher levels. Sellers pulled the price below the 20-day EMA, but they could not crack the 50-day SMA.
The 20-day EMA is flattening out and the RSI is near the midpoint, indicating a balance between buyers and sellers. If bulls drive the price above $1.18, it will indicate the start of a strong recovery. Contrarily, a break and close below the 50-day SMA may result in a slump to $1.
Related: Bitcoin sees new all-time highs in 3 countries as BTC price pokes $31K
VeChain price analysis
On June 23, VeChain (VET) turned down from the resistance line, but the bears are struggling to sustain the price below the 50-day SMA ($0.018). This suggests that traders are buying the dips.
The bulls will once again try to propel the price above the resistance line. If they succeed, it will indicate that the downtrend has ended. The VET/USDT pair could then start its upward move toward $0.026.
Contrary to this assumption, if the price once again turns down from the resistance line, it will suggest that the bears remain in control. They will then try to sink the pair below the moving averages and challenge the support at $0.013.
The four-hour chart shows that the price reversed direction from the resistance line but is finding support at the 20-day EMA. This suggests that the sentiment is turning positive and traders are viewing the dips as a buying opportunity.
The bulls will again attempt to propel the price above the resistance line. If they manage to do that, the pair could climb to $0.021. This level may again act as a hurdle but if crossed, the up-move may begin. The first support on the downside is the 20-day EMA, and next is the 50-day SMA.
Stacks price analysis
On June 20th, the price of Stacks (STX) increased above the moving averages, which may indicate a potential trend change. The price then began a corrective phase on June 22nd, but it is positive that it remains above the moving averages.
The moving averages have completed a bullish crossover and the RSI is in positive territory, indicating that the bulls are in control. If the price turns up from the current level or rebounds off the 20-day EMA ($0.65), it suggests buying on dips, which would increase the likelihood of a break above $0.89.
If that happens, the STX/USDT pair could rally to $1.10 and then to $1.30. If the price falls below the moving averages, this positive outlook will be invalidated, suggesting that the bears have not given up and will continue to sell on rallies.
On the four-hour chart, the pair is in a corrective phase. The bears brought the price below the 20-day EMA, but the bulls are defending the 50% Fibonacci retracement level of $0.71. To potentially rally to $0.88, buyers will have to drive the price above the downtrend line. Conversely, if the price falls below the 61.8% retracement level of $0.67, it suggests that the bears are back in control.